Stocks
China Business Summit to Open New Economic Doors: BSEC Chief
Prime Minister Sheikh Hasina’s visit to China has begun with a focus on trade and investment. To attract Chinese investors to Bangladesh, a business summit will be organized by Bangladesh. Professor Shibli Rubayat-Ul-Islam, Chairman of the Bangladesh Securities and Exchange Commission (BSEC), commented that this summit could open new doors for Bangladesh’s economy.
Speaking to journalists via phone from Beijing on Monday night (July 8), he shared these insights. The BSEC is one of the main organizers of the Beijing Trade and Investment Summit.
The BSEC Chairman said, “Today, Bangladeshi business representatives have met with their Chinese counterparts. We are hopeful that tomorrow’s detailed discussions will yield positive outcomes. We expect this summit to pave the way for new Chinese investments in Bangladesh.”
He added, “Compared to past roadshows, we are receiving much more enthusiastic responses this time. There’s a lot of excitement about this event. We hope that our friendship with China will grow stronger, marking the beginning of a new chapter in our bilateral relations.”
The Ministry of Finance, Ministry of Commerce, Ministry of Foreign Affairs, BSEC, Bangladesh Investment Development Authority (BIDA), Bangladesh China Chamber of Commerce and Industry (BCCCI), and the Bangladeshi Embassy in Beijing have jointly organized the Beijing Trade and Investment Summit.
Prime Minister Sheikh Hasina is on a state visit to China to boost Chinese investments in major infrastructure projects and various sectors in Bangladesh, establish Chinese industries in Bangladesh, reduce the trade deficit, secure $7 billion in loan assistance, and enhance bilateral strategic relations. She arrived in Beijing on a four-day official visit on July 8.
The Prime Minister and her delegation left Hazrat Shahjalal International Airport on a Biman Bangladesh Airlines chartered flight at 11:10 am. They arrived in Beijing at 6:05 pm local time. During this visit, several agreements and memoranda of understanding are expected to be signed with China
Program Schedule
08:30 – 10:00: Guest Arrival, Registration & Networking
10:30 – 10:40: Welcome Speech
10:40 – 11:00: Presentation n Trade, Business & Investment Opportunities Between Bangladesh & China
11:00 – 11:10: Speech by the Ambassadors
11:!0 – 11:25: Speech by Business Representatives from China
11:25 – 11:30: Speech by the Guest of Honor from China
11:30 – 11:50: Speech by the Chief Guest
11:50 – 11:55: Exchange of MoU & Agreement
11:55 – 12:35: Panel Discussion
12:35 – 01:00: Vote of Thanks
01:00: Lunch Break
02:00 – 04:00: BREAKOUT SESSION
Season 1: Upgrading Infrastructure: paving for Development & Connectivity
Season 2: Towards Smart Bangladesh: Smart Technology & Communication
Season 3: Accelerating the Energy Transition
Season 4: Boosting Trade, Business & Investment
Season 5: Creating Opportunities in Agriculture & Agro-processing
Season 6: Advancing Benchmark in Textile & Leather
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
